CYBERCRIME AND MONEY LAUNDERING IN 21ST CENTURY PERFORMED BY INTERNAL AUDITORS AND ITS IMPACT ON AUDIT ON BANKS A CASE OF THE FIRST ABU DHABI BANK, UAE

Aleksandra Stankovska () and Elizabeta Stamevska ()
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Aleksandra Stankovska: European University, Skopje, Faculty of Economics
Elizabeta Stamevska: European University, Skopje, Faculty of Economics

Economics and Management, 2020, vol. 17, issue 1, 81-88

Abstract: This paper focuses on cybercrime and money laundering. Proceeds of these activities may be used to fund further criminal activities and to undermine the integrity of financial systems worldwide. Money laundering is the biggest method followed by the cyber criminals to hide their black money which they get themselves courtesy to financial frauds they involve into . Money laundering is the process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process "launders" it to make it look clean.Unlike the "traditional" money laundering methods, which rely on the banking system, cyber-laundering depends on the use of various types of transactions and financial services providers, ranging from wire transfers, cash deposits/withdrawals and e-money transactions to "money mules" and remittance services.

Keywords: cybercrime; money laundering; cyberlaundaring; financial service providers & wire transfer. (search for similar items in EconPapers)
JEL-codes: G21 (search for similar items in EconPapers)
Date: 2020
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